With the FTSE 100 trading at a level almost 10% below where it was a year ago, it’s perhaps unsurprising that there are a number of good value stocks on offer. However, British Airways owner IAG (LSE: IAG) appears to offer superb value even in a depressed market. Evidence of this can be seen in its price-to-earnings (P/E) ratio of just 9.1, which indicates that its shares could be due for an upward rerating.

That’s especially the case since IAG’s bottom line is forecast to rise by 50% in the current year and by a further 12% next year. This rate of growth could positively catalyse investor sentiment in the stock and help it to continue beating the FTSE 100, as it has done by over 130% during the last five years.

And with the company set to benefit from an improving global economy where demand for air travel should increase, now could be a good time to buy a slice of the business for the long term. That’s especially the case since the oil price seems likely to remain low and this could keep IAG’s margins relatively high.

The power of three

Also trading at a discounted price are shares in 3i (LSE: III). They have a P/E ratio of just 10.1 and like IAG, there’s a clear catalyst to push them higher. 3i is forecast to grow its earnings by 18% in the current year and this puts the private equity and infrastructure specialist on a PEG ratio of just 0.6. This indicates that 3i offers excellent growth potential at a very reasonable price and with its shares having risen by 15% in the last three months, it appears as though the market is beginning to price in the expected improved performance.

Of course, one of the attractions of 3i alongside growth and value is dividend potential. 3i currently yields 3.6% and with dividends covered 3.2 times by profit, there’s tremendous scope for rapid rises in shareholder payouts over the medium-to-long term.

Under pressure

Meanwhile, after a share price slump of 22% since the start of the year, Barclays (LSE: BARC) now has a P/E ratio of just 10.6. For a global bank with a hugely diversified asset base, this seems to be rather low. Unlike IAG and 3i though, Barclays is due to report a fall in profitability this year, with its earnings expected to decline by 4%. And with dividends being cut and a new strategy causing a degree of uncertainty, Barclays’ share price could come under a degree of pressure in the short run.

However, with Barclays set to return to growth next year and the global economy continuing to offer a bright long-term future, its shares could easily beat the FTSE 100. While it may not be a smooth process in doing so, Barclays remains one of the best value stocks around and could prove to be an excellent buy right now.

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Peter Stephens owns shares of 3i Group and Barclays. The Motley Fool UK has recommended Barclays. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.